If it is in what I think it is, it is a rather unusual picture. It would be helpful to see what it looks like from the side, in particular how it is attached to the branch. It would be even more helpful to know where you are writing from. I admit though, that the probable builder is a member of a large and fairly variable group and that species from various parts of the world differ considerably, both in their appearance and in the appearance of their nests.
Firstly, it is a wasp nest. Mike got that right in one.
Secondly, it is a wasp nest made of paper.
Thirdly, it is almost certainly the first nest constructed by a young queen trying to establish a new colony.
About there I run out of steam.
For one thing, I do not recognise that nest shape. It looks almost like a bee comb, being so clean, but it also looks as though it is one-sided, whereas bee combs are double sided.
It is so clean that it looks as though it is made of wax, which also would indicate a bee construction, but the more closely I look, the more it looks like a clean, new, paper construction.
Now, paper wasps (omitting a small group irrelevant to this question) are all in the family Vespidae. They include the hornets and yellowjackets in one major subfamily, and the polistine paper wasps in another major subfamily. There are some other minor groups, but this picture does not suggest any of them to me.
Once a colony is well established the nest tends to get pretty heavily used, turning a dirty grey, which makes it less conspicuous, so that is no disadvantage.
However, young queens starting out on their own tend to make the nests laboriously from new material, which tends to be light in colour, though if you examine the picture carefully, you can see the first signs of dirt collecting on those nice clean cells.
The further you live from the equator, the more strongly I should guess that to be the nest of a Vespinid, whereas the warmer your region, the more strongly I should suspect that it is the nest of a polistine wasp.
Given more information, we might be able to come up with something more substantial.
Cheers
Jon